March 6, 2017
All Agency Banks
Gold Monetisation Scheme
Please refer to RBI Master Direction No. DBR.IBD.No.45/23.67.003/2015-16 dated October 22, 2015 (updated up to January 21, 2016) on the above subject. In order to operationalise the scheme, we advise the following:
2. In order to have uniformity in reporting, reconciliation and accounting, agency banks may report the Gold Monetisation Scheme transactions i.e., receipt, payment, penalty, interest, commission for mobilisation, handing charges, etc., directly through the government account maintained for the purpose at Central Accounts Section, Reserve Bank of India, Nagpur, on a daily basis as in the case of the transactions of Public Provident Fund (PPF) Scheme, 1968. You may, therefore, approach our Central Accounts Section, Reserve Bank of India, Nagpur for necessary arrangements to report Gold Monetisation Scheme transactions with immediate effect.
3. Branches authorised to operate the scheme may be advised to bring the details of the scheme to the notice of their customers appropriately.